On the 21st of September Ocean Protocol (OCEAN) was listed for trading on the Emirex exchange. Ocean Protocol is a blockchain-based ecosystem to unlock data for AI. Current available trading pair on the Emirex exchange: OCEAN/USDT and OCEAN/BTC.
Through blockchain technology, smart contracts, and tokens, it connects data providers and consumers, allowing data to be shared while guaranteeing traceability, transparency, and trust for all stakeholders involved.
Ocean token (OCEAN) is used within the Ocean network to pay for data services (download datasets, using compute-to-data).
Ocean has a network reward to drive the supply of public data and services and uses bonuses to continually fund network and community improvements.
Ocean Protocol is a blockchain-based organization aiming to decentralize and democratize the sharing of the world’s data securely and privately. The network contains services and data based on artificial intelligence (AI). The main goal of the Ocean network is to create a global data supply chain for AI. This data is divided into 2 types: public and paid. Data can be provided in processed and unprocessed form.
The protocol helps marketplaces buy/sell data and services, software for publishing and accessing common data, and tools for data analysis. Through Ocean Protocol, publishers can monetize their data while preserving privacy and control, whereas consumers can now access datasets that were previously unavailable or difficult to find. These datasets can be discovered on the Ocean Market, where they can be purchased and later consumed or sold.
- Ocean Ecosystem is a mixture of marketplaces, Ocean network, and facilities that are part of marketplaces and Ocean network.
- Data Marketplaces (DM) are also designed to use Ocean network services and to increase supply and demand liquidity.
- Reference Data Marketplace - an open-source data trading platform that other marketplaces can use as a basis.
- The Ocean Network is a decentralized network that is responsible for supplying large amounts of high-quality data, with a user registry and other mechanisms that make it easier to browse the network. The network encourages users to use the Ocean token. Ocean Network also uses IPDB - a decentralized database network
- Node Keepers communicate with each other to achieve certain network goals. They are paid for their work in Ocean Tokens
- Proof-of-Service protocol. Network rewards to stimulate data sharing. In particular, Ocean encourages members to link and provide quality Al data and services.
Ocean Token is a native token used as an internal currency in the Ocean Protocol ecosystem. It is used in the trade of data and services, in the curation of free data, and motivates keepers who are responsible for maintaining the ecosystem. It is also used in the creation of data tokens to run marketplaces. There are also plans to use it to provide decentralized governance in the future.
Four key actors in the network are using and earning OCEAN tokens:
- Ocean Data Providers: These are the actors in the system who have data available and are willing to supply it to others for a price.
- Ocean Data Curators: Ocean allows anyone with experience in the market domain to act as a curator, earning OCEAN tokens as a reward for their services of weeding out any bad data in the marketplace. Curators are kept honest by staking their own tokens to signal good quality data.
- Ocean Registry of Actors: The registry of actors requires actors in the system to stake tokens, which makes good behavior economically attractive.
- Ocean Keepers: Nodes in the Ocean are called Keepers. Like other actors, they receive OCEAN tokens for the service they perform, which includes allowing data providers a way to offer data to the network.
RoadmapMarch 2020: Enterprise Marketplace (beta)
- Decentralized/non-custodial data marketplace
- Customizable marketplace for data providers
- Deployed with a strategic partner
- Unlock private data while preserving privacy, by bringing compute to the data
- Integrated with Marketplace: buy & sell private data, without compromising privacy
- Marketplace for the community to buy & sell datasets, complementary to enterprise marketplaces
- Deployed as a standalone web app
- Platform refactored for simplicity featuring data tokens
- Updated token design in smart contracts and marketplace. Marketplace includes incentives and staking (v3)
- On a permissionless substrate (v5)
- Community funding for software development (core, applications, infrastructure), for community/ecosystem work, and to incentivize data supply (v4). Including grants to incentivize data.
- Funding comes from the network reward
- Projects are proposed and curated by the community
The final upgrade planned for 2020 (in the 4th quarter) is V4, which will introduce decentralized governance to ensure that the project remains self-sustaining by providing software development funding for the ecosystem and community while also incentivizing the data supply.
Ocean Protocol works in two nascent directions. Both blockchain and Big Data have already made great strides, but there is still plenty of room for development, growth, and discovery. The project uses artificial intelligence and machine learning technologies, which are also in the very early stages of their development. These technologies will help Ocean keep its data confidential, reliable, and secure.
Ocean Protocol's experienced development team is moving in a direction where there is every prospect for further explosive growth as the technology matures. The steady increase in the price of the OCEAN token is a testament to the community's confidence that the project is on the right track and meets the users’ needs.